Latest news with #AdventInternational
The Independent
13 hours ago
- Business
- The Independent
KKR clinches backing from Spectris for £4.1bn higher bid
Industrial group Spectris has agreed to a takeover by Kohlberg Kravis Roberts (KKR) worth more than £4 billion after the private equity giant muscled out rival bidder Advent International. Spectris has given its backing to the £40-a-share cash bid, which values the FTSE 250-listed firm at around £4.1 billion, or £4.7 billion including debts. It trumps the £37.63-a-share deal it had previously agreed with US investment firm Advent, which valued the firm at about £3.8 billion, seeing Spectris withdraw its recommendation for the Advent offer. The deal for Spectris marks the latest in a long line of London-listed firms set to leave the market after a recent flurry of firms defecting from the City for rival exchanges overseas or being bought out. Spectris – a maker of precision measurement instruments for firms such as those in the pharmaceutical and semiconductor sectors – is headquartered in London and employs about 7,400 people in more than 30 countries. It made underlying earnings of £203 million last year on sales of £1.3 billion. Mark Williamson, chairman of Spectris, said: 'This offer reflects the excellent work of the Spectris management team in recent years to transform Spectris into a focused, high quality, premium precision measurement business that is well positioned for the future. 'While we remain confident in the opportunities for the business, KKR's offer provides attractive and immediate cash value for shareholders and a compelling vision for the future of the group.' Joshua Weisenbeck, partner at KKR, added: 'Spectris is an impressive industrial technology business serving attractive end-markets such as life sciences, industrial automation, aerospace and defence, academia and more. 'We believe there is an excellent fit in terms of our respective values, with a strong focus on its talented employees and supporting communities in which it operates.' KKR first approached Spectris on June 2. It said it had no plans for large scale job cuts following the deal, saying it 'does not intend to make any material reduction to the headcount or any material change to the conditions of employment or to the balance of skills and functions of the Spectris Group's employees or management'. But it said this does not include measures under the ongoing overhaul by Spectris, under which it aims to make savings of at least £30 million in 2025, most of which will come in the final six months of the year.
Daily Mail
14 hours ago
- Business
- Daily Mail
UK tech star agrees £4.7bn private equity takeover in biggest deal of 2025
US private equity giant KKR is set to acquire UK tech star Spectris for £4.7billion, marking one of the largest recent deals for a London-listed business. The improved deal, which includes debt, sees KKR overcome rival private equity firm Advent International in acquiring Spectris. Spectris agreed to a £4.4billion acquisition by Advent in June. However, KKR's most recent offer represents a 96 per cent premium to Spectris's share price before speculation over takeover interest in the business became public. Spectris said on Wednesday its board had opted to withdraw its recommendation of Advent's offer in favour of the higher bid from KKR, which had made two previous takeover proposals for the London-listed business. KKR's offer valued Spectris's equity at £4.1billion and, when debt is included in the deal, £4.7billion. The offer values Spectris at £40 per share, including dividends, and is a 6.3 per cent premium to Advent's £37.63 per share offer, marking Britain's largest takeover deal so far this year. Upon complettion, each Spectris Shareholder will also be entitled to receive an interim dividend of 28p a share. KKR said: 'Spectris is a highly attractive, global precision measurement company, focusing on two industry-leading divisions, providing key insights to customers through premium precision measurement solutions using technical expertise and deep domain knowledge. 'KKR has long admired Spectris and has been impressed by Spectris' reputation for product quality, application expertise and a leading position that has been underpinned by significant innovation and R&D investment.' KKR said Spectris's directors 'intend to unanimously recommend' the deal to shareholders. Mark Williamson, chairman of Spectris, said: 'The Board of Spectris is pleased to recommend KKR's cash offer for Spectris which is a 6.3 per cent increase to the Advent proposal and represents a premium of 96.3 per cent to the undisturbed share price. 'This offer reflects the excellent work of the Spectris management team in recent years to transform Spectris into a focused, high quality, premium precision measurement business that is well positioned for the future.' Joshua Weisenbeck, a partner at KKR, said: 'Spectris is an impressive industrial technology business serving attractive end-markets such as life sciences, industrial automation, aerospace & defence, academia, and more. 'We believe there is an excellent fit in terms of our respective values, with a strong focus on its talented employees and supporting communities in which it operates.' FTSE 250-listed Spectris makes high-tech instruments for, among others, the pharmaceutical and semiconductor sectors. Spectris shares rose 4.54 per cent or 174.00p to 4,004.00p on Wednesday, having surged over 40 per cent in the last year. KKR has also been seeking to acquire NHS landlord Assura. But, on Tuesday Primary Health Properties said its shareholders supported its plan to acquire peer Assura. Under the terms of the increased Primary Health Properties offer, Assura shareholders would receive 0.3865 new Primary Health Properties shares and 12.5p in cash a share. In addition, Assura shareholders would be entitled to receive a special dividend of 0.84p per Assura share. Britain's cheap valuations have lured overseas buyers, adding to the challenges facing London's stock market, which is already under pressure from venue shifts and weak initial public offering activity. Michael Nicholson, head of advisory and M&A at Peel Hunt, said: 'The volume of activity has been plain to see – at the current run rate, 2025 will be the most intense period of UK takeovers in recent years, averaging two new bid situations per week. 'Notwithstanding the modest average transaction size, £74billion of firm offers in H1 would annualise to the highest aggregate value of listed takeovers since 2021.' He added: 'The battle between KKR and Primary Health Properties for Assura appears to carry a symbolic significance for the UK market as a whole, not just the highly active REIT sector which has also seen the board of Warehouse REIT switch its recommendation from a cash bid from Blackstone to a cash and share offer from Tritax Big Box REIT. 'Likewise, Rosebank Industries' acquisition of ECI in the US, supported by a £1billion+ equity raise, passes a further landmark in the return of the UK consolidator. 'In some UK boardrooms, there are evidently signs of shifting sentiment from a sense of vulnerability to a more front-footed, strategic outlook.'
Wall Street Journal
15 hours ago
- Business
- Wall Street Journal
Spectris Agrees to $5.64 Billion KKR Takeover; Withdraws Advent Recommendation
Spectris agreed to a 4.1 billion pound ($5.64 billion) takeover by private equity firm Kohlberg Kravis Roberts & Co. and withdrew its recommendation for its previously agreed takeover offer from Advent International. The precision-measurement company said Wednesday that under the KKR KKR -0.44%decrease; red down pointing triangle deal, accepting shareholders will get 39.72 pounds in cash for each Spectris share and an interim dividend of 28 pence to be paid during fiscal 2025.
Yahoo
2 days ago
- Business
- Yahoo
Barclays Bank PLC: AI Prime & Cy S.C.A. announces pricing of an accelerated placing of shares of InPost S.A.
LONDON, July 01, 2025 (GLOBE NEWSWIRE) -- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER FOR SALE OF, OR THE SOLICITATION OF AN OFFER TO BUY, THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT. 01 July 2025 AI Prime & Cy S.C.A. announces pricing of an accelerated placing of shares of InPost S.A. AI Prime & Cy S.C.A. ("AI Prime"), an Advent International company has priced an accelerated placing (the "Placing") to institutional investors of 17.5 million ordinary shares in InPost S.A. (the "Company"), constituting c.3.5% of the Company's existing share capital, at a price of EUR 13.25 per ordinary share. Upon settlement of the Placing, the aggregate total ownership interest of Advent International in the Company's issued ordinary share capital will be c.6.5%. Settlement is expected to occur on 3 July 2025. As part of the transaction, remaining shares in the Company held by AI Prime will be subject to a 60 day lock-up period from the settlement date, subject to customary exemptions. Barclays Bank PLC acted as Sole Global Co-ordinator and Bookrunner on the Placing. The Company will not receive any proceeds from the Placing. IMPORTANT NOTICE THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THESE SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM UNITED STATES REGISTRATION REQUIREMENTS. NO PUBLIC OFFER OF SECURITIES IS TO BE MADE IN THE UNITED STATES AND NEITHER THIS ANNOUNCEMENT NOR ANY COPY OF IT MAY BE TAKEN, TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, SOUTH AFRICA OR JAPAN. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES, CANADIAN, SOUTH AFRICAN OR JAPANESE SECURITIES LAWS. THIS ANNOUNCEMENT AND ANY OFFER OF SHARES PURSUANT TO THE PLACING ("PLACING SHARES") IF MADE SUBSEQUENTLY ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS (1) IN THE EEA WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF REGULATION (EU) 2017/1129 (THE "PROSPECTUS REGULATION") AND (2) IN THE UNITED KINGDOM, WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF THE PROSPECTUS REGULATION AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AND WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED, THE "ORDER") OR ARE HIGH NET WORTH ENTITIES FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER OR ARE PERSONS TO WHOM AN OFFER OF THE PLACING SHARES MAY OTHERWISE BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS BEING REFERRED TO AS "RELEVANT PERSONS"). PERSONS WHO ARE NOT RELEVANT PERSONS SHOULD NOT TAKE ANY ACTION ON THE BASIS OF THIS ANNOUNCEMENT AND SHOULD NOT ACT OR RELY ON IT. THE SECURITIES REFERRED TO HEREIN WILL BE OFFERED (I) WITHIN THE UNITED STATES ONLY TO A LIMITED NUMBER OF QUALIFIED INSTITUTIONAL BUYERS AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") PURSUANT TO AN EXEMPTION FROM, OR IN TRANSACTIONS NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND (II) OUTSIDE THE UNITED STATES IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO PREVAILING MARKET AND OTHER CONDITIONS. THERE IS NO ASSURANCE THAT THE PLACING WILL BE COMPLETED, OR IF COMPLETED, AS TO THE TERMS ON WHICH IT IS COMPLETED. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES WITHOUT REGISTRATION THEREUNDER OR UNLESS PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM. NEITHER THIS DOCUMENT NOR THE INFORMATION CONTAINED HEREIN CONSTITUTES OR FORMS PART OF AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, SECURITIES IN THE UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF ANY SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION. THIS ANNOUNCEMENT DOES NOT, AND SHALL NOT, IN ANY CIRCUMSTANCES CONSTITUTE A PUBLIC OFFERING, NOR AN OFFER TO SELL OR TO SUBSCRIBE, NOR A SOLICITATION TO OFFER TO PURCHASE OR TO SUBSCRIBE SECURITIES IN ANY JURISDICTION. THE DISTRIBUTION OF THIS ANNOUNCEMENT AND THE OFFERING OR SALE OF THE SECURITIES IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW. NO ACTION HAS BEEN TAKEN BY AI PRIME, BARCLAYS BANK PLC (THE "GLOBAL CO-ORDINATOR") OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD, OR WHICH IS INTENDED TO, PERMIT A PUBLIC OFFER OF THE SECURITIES IN ANY JURISDICTION OR POSSESSION OR DISTRIBUTION OF THIS ANNOUNCEMENT OR ANY OTHER OFFERING OR PUBLICITY MATERIAL RELATING TO THE SECURITIES IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES ARE REQUIRED BY AI PRIME AND THE GLOBAL CO-ORDINATOR TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY APPLICABLE RESTRICTIONS. NO PROSPECTUS OR OFFERING DOCUMENT HAS BEEN OR WILL BE PREPARED IN CONNECTION WITH THE PLACING. ANY INVESTMENT DECISION IN CONNECTION WITH THE PLACING MUST BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION RELATING TO THE COMPANY AND ITS SHARES. SUCH INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED AND AI PRIME AND THE GLOBAL CO-ORDINATOR ARE NOT RESPONSIBLE, AND EXPRESSLY DISCLAIM ANY LIABILITY, FOR SUCH INFORMATION. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS FOR BACKGROUND PURPOSES ONLY AND DOES NOT PURPORT TO BE FULL OR COMPLETE. NO RELIANCE MAY BE PLACED FOR ANY PURPOSE ON THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT OR ON ITS ACCURACY OR COMPLETENESS. IN CONNECTION WITH THE PLACING, THE GLOBAL CO-ORDINATOR OR ANY OF ITS AFFILIATES MAY TAKE UP A PORTION OF THE PLACING SHARES AS A PRINCIPAL POSITION AND IN THAT CAPACITY MAY RETAIN, PURCHASE, SELL OR OFFER TO SELL FOR ITS OWN ACCOUNT SUCH PLACING SHARES AND OTHER SECURITIES OF THE COMPANY OR RELATED INVESTMENTS IN CONNECTION WITH THE PLACING OR OTHERWISE. ACCORDINGLY, REFERENCES TO THE PLACING SHARES BEING OFFERED, ACQUIRED, PLACED OR OTHERWISE DEALT IN SHOULD BE READ AS INCLUDING ANY OFFER TO, OR ACQUISITION, PLACING OR DEALING BY THE GLOBAL CO-ORDINATOR AND ANY OF ITS AFFILIATES ACTING AS INVESTORS FOR THEIR OWN ACCOUNTS. THE GLOBAL CO-ORDINATOR DOES NOT INTEND TO DISCLOSE THE EXTENT OF ANY SUCH INVESTMENT OR TRANSACTIONS OTHERWISE THAN IN ACCORDANCE WITH ANY LEGAL OR REGULATORY OBLIGATIONS TO DO SO. THIS ANNOUNCEMENT DOES NOT PURPORT TO IDENTIFY OR SUGGEST THE RISKS (DIRECT OR INDIRECT) WHICH MAY BE ASSOCIATED WITH AN INVESTMENT IN THE COMPANY OR ITS SHARES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A RECOMMENDATION CONCERNING THE PLACING. THE PRICE AND VALUE OF SECURITIES AND ANY INCOME FROM THEM CAN GO DOWN AS WELL AS UP. PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE. ACQUIRING PLACING SHARES TO WHICH THIS ANNOUNCEMENT RELATES MAY EXPOSE AN INVESTOR TO A SIGNIFICANT RISK OF LOSING ALL OF THE AMOUNT INVESTED. POTENTIAL INVESTORS SHOULD CONSULT A PROFESSIONAL ADVISOR AS TO THE SUITABILITY OF THE PLACING FOR THE ENTITY OR PERSON CONCERNED. THIS ANNOUNCEMENT DOES NOT REPRESENT THE ANNOUNCEMENT OF A DEFINITIVE AGREEMENT TO PROCEED WITH THE PLACING AND, ACCORDINGLY, THERE CAN BE NO CERTAINTY THAT THE PLACING WILL PROCEED. AI PRIME RESERVES THE RIGHT NOT TO PROCEED WITH THE PLACING OR TO VARY THE TERMS OF THE PLACING IN ANY WAY. BARCLAYS BANK PLC IS AUTHORISED IN THE UNITED KINGDOM BY THE PRUDENTIAL REGULATION AUTHORITY AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY AND THE PRUDENTIAL REGULATION AUTHORITY. THE GLOBAL CO-ORDINATOR IS ACTING FOR AI PRIME AND NO-ONE ELSE IN CONNECTION WITH THE PLACING. NEITHER THE GLOBAL CO-ORDINATOR NOR ANY OF ITS AFFILIATES, NOR THEIR RESPECTIVE PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS WILL REGARD ANY OTHER PERSON AS A CLIENT IN CONNECTION WITH THE PLACING AND THEY WILL NOT BE RESPONSIBLE TO ANYONE OTHER THAN AI PRIME FOR PROVIDING THE PROTECTIONS AFFORDED TO THEIR RESPECTIVE CLIENTS OR FOR PROVIDING ADVICE IN CONNECTION WITH THE PLACING DESCRIBED IN THIS ANNOUNCEMENT OR FOR ANY OTHER MATTERS REFERRED TO HEREIN. CERTAIN FIGURES CONTAINED IN THIS ANNOUNCEMENT HAVE BEEN SUBJECT TO ROUNDING ADJUSTMENTS. ACCORDINGLY, IN CERTAIN INSTANCES, THE SUM OR PERCENTAGE CHANGE OF THE NUMBERS CONTAINED IN THIS ANNOUNCEMENT MAY NOT CONFORM EXACTLY WITH THE TOTAL FIGURE GIVEN. THIS ANNOUNCEMENT INCLUDES STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE TERMS "INTENDS", "EXPECTS", "WILL", OR "MAY", OR, IN EACH CASE, THEIR NEGATIVE OR OTHER VARIATIONS OR COMPARABLE TERMINOLOGY, OR BY DISCUSSIONS OF STRATEGY, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS INCLUDE ALL MATTERS THAT ARE NOT HISTORICAL FACTS AND INCLUDE STATEMENTS REGARDING INTENTIONS, BELIEFS OR CURRENT EXPECTATIONS. NO ASSURANCES CAN BE GIVEN THAT THE FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT WILL BE REALISED. AS A RESULT, NO UNDUE RELIANCE SHOULD BE PLACED ON THESE FORWARD-LOOKING STATEMENTS AS A PREDICTION OF ACTUAL EVENTS OR OTHERWISE. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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CNA
2 days ago
- Business
- CNA
Advent to buy majority stake in data center equipment maker LayerZero
Private equity firm Advent International said on Monday it has agreed to acquire a majority stake in LayerZero Power Systems, which manufactures power infrastructure equipment for data centers. The majority stake in the Aurora, Ohio-based company is valued at about $1 billion, a source familiar with the matter told Reuters. A surge in use of artificial intelligence services such as ChatGPT is driving demand for data centers, and with it, investment in power infrastructure as companies race to expand energy capacity. LayerZero's products include power distribution units, remote power panels and static transfer switches, which ensure the safe and reliable distribution of electricity for facilities such as data centers. "As data centers evolve to support the growing needs of AI and high-performance computing, our role has become even more important," LayerZero co-founder Milind Bhanoo said. After the deal closes, LayerZero's founders, Bhanoo and James Galm, will remain minority equity holders in the company. Advent will support LayerZero in scaling up manufacturing capacity, expanding its customer base and growing service capabilities. Annette Clayton, an operating partner at Advent and former CEO of Schneider Electric North America, will serve as LayerZero Chair after the deal closes. Private equity deal-making is rebounding after a pause induced by tariffs and global uncertainty, driven by renewed buying appetite and improving confidence in the market's trajectory. Earlier this month, Advent International announced a 4.4 billion pound ($6.03 billion) takeover of Spectris, a London-listed precision instruments maker.
